Toshiba Reports Loss for Half, but Memory Business Records Strong Performance
Toshiba Corporation of Tokyo, Japan, reported results for its six-month fiscal period ending on September 30, 2017, with net sales up 115.5 percent to 2.3 trillion yen ($21,116.9 million), and a net loss of 49.8 billion yen ($440.6 million).
Last month, Toshiba had said that it expects to record a net loss of nearly $970 million (110 billion yen) for its fiscal year that will end on March 31, 2018 after taking into account taxes related to its proposed sales of its memory-chip business, Toshiba Memory Corporation.
The company’s Storage and Electronic Device Solutions, including its memory-chip business – which Toshiba is seeking to sell for $18 billion in order to cover losses incurred by its Westinghouse Electric Company subsidiary – continued to see sales increases and reported a 76-percent increase in operating profit for the period.
Although Toshiba reported a loss for the period, it reported operating income of 231.8 billion yen ($2,051.0 million), an improvement of 138.6 billion yen.
Toshiba’s Retail and Printing Solutions’ business saw flat sales, “reflecting the sale of a Retail business subsidiary,” although the Retail and Printing business both “recorded solid performance.”
Toshiba Chief Financial Officer Masayoshi Hirata said in an earnings briefing that, in addition to selling its memory-chip business to a consortium led by Bain Capital, it may also scale back its TV and PC businesses.
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- September 2017: Western Digital Seeks Injunction to Stop Sale of Toshiba’s Memory Business
- September 2017: Toshiba Says it Will Sell Memory Business to Consortium Led by Bain Capital
- August 2017: Troubled Toshiba Said to be Close to Selling Memory-Chip Business (Updated)
- August 2017: Toshiba Reports $8.8 Billion Loss for Fiscal Year
- July 2017: Epson to Replace Toshiba on Tokyo Stock Exchange
- July 2017:Toshiba Served with New $83 Million Lawsuit; 28 Lawsuits in Total
- July 2017: Nikkei Demotes Toshiba on Tokyo Stock Exchange; Faces Delisting
- June 2017: Toshiba Sues Western Digital; Fails to Meet Self-Imposed Deadline to Sell Memory Business
- June 2017: Toshiba Being Sued for $399 Million for Accounting Irregularities
- June 2017: Western Digital Seeks to Block Toshiba’s Sale of Memory-Chip Business
- June 2017: Toshiba Determined to Sell Memory-Chip Business Despite Hurdles
- May 2017: Toshiba Not Reporting Audited Full-Year Financial Results at Shareholders’ Meeting
- April 2017: TABS CEO Reassures Clients in Wake of Toshiba Corp. Difficulties